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New Tech firm to join ICT sector with 200 mln birr capital

New Tech firm to join ICT sector with 200 mln birr capital

A new tech firm, e-tech, is set to be established with a capital of 200 million birr in a bid to invest in the ICT sector. The firm, in a meeting of its shareholders, disclosed it is under preparation to begin selling shares to the public, though the par value for the share is yet to be specified. 

Founded by 200 ICT and cyber security professionals living in the country and abroad, the company plans to engage in cyber security & empowerment solutions, e-commerce & fintech, infrastructure & telecom services, and software development solutions.

Aiming to create job opportunities for 500 people in its first year of operation, e-tech plans to open an ICT incubation center inside ICT Park, located on the outskirts of Addis Ababa.

“We are mobilizing Ethiopians to fill the gap in the digital economy and invest in cyber security system,” said Melaku Azezew, Board Chairperson of e-tech and President of the Ethiopian Chamber of Commerce and Sectoral Associations.

Melaku also mentioned how Ethiopia is failing to advance its alignment with technological advancement, while many young ICT professionals went abroad due to the absence of a supporting legal framework in the past.

“We have a plan for Ethiopia's Amazon in the near future,'' said Shimelis Gebremdhin, CEO of the firm, signifying its ambition and hope to be an ICT giant by 2030.

It is the responsibility of Ethiopians to stand against the modern day cyber enemy through skilled technological manpower, said the CEO, noting the dangers of granting rights for foreign companies to protect Ethiopia’s precious data which should be guarded with a strong security.

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